If you’re wholesaling in 2021 you need to STOP! This will KILL your returns.
Instead, you should start Wholetailing. This strategy will double your profits and save you a TON of time!
But there’s a catch! Not Everyone will be able to actually do this.
In this episode, I’ll show you WHY wholetailing houses is more profitable in 2021 than wholesaling, HOW you can do it, and WHO won’t be able to.
So why is it that many won’t be able to do this strategy of wholetailing houses?
2️⃣ BIG Reasons
1.You need to be able to list it on the MLS. If you haven’t gotten your real estate license then this will be very hard.
↪ You could of course find an agent that can but when we cover the HOW you will see how this can be difficult to do as well.
2.You need the money to actually BUY these houses. This cannot be done with NO MONEY. **That doesn’t mean it has to be YOUR money.
↪ I did a video recently on HOW to find Millions of dollars in private money. Check that out!
❓ What has changed in 2021 to make Wholetailing house better?
↪ We have seen a HUGE demand from buyers because of the very low inventory of houses we have.
↪ This causes people's expectations of the quality of the houses to be a lot lower than before.
↪ We went from a seller's market to a seller's market on steroids!
↪ Investors are buying off the MLS too because of this.
But you’re wondering…🤔
“OK… but why is this better than wholesaling then?!”
🔑Well, my friend. When you have such a BIG buyer demand for properties you’re 10X more likely to get TOP dollar by listing the house than by trying to blast it and negotiate and have to deal with a bunch of BS.
When you list it, the majority of the people reaching out will be BUYERS/Investors and not wholesalers.
You generate deals however it has been working for you. You’re still looking for distressed situations.
And yes, you still list a very ugly house.
We’ll also be doing an episode on marketing for deals when there’s no motivation
But now you are the BUYER! You must close on this deal. This when you need CASH or access to CASH to be able to close on these deals.
You MUST make sure the deal still makes sense if, for whatever reason, it doesn’t sell.
If you buy a crappy deal because you’re a crappy wholesaler and it DOES NOT sell on the MLS now you need to make it work!
If you have been wholesaling properties correctly then the due diligence part should not be any different.
In case you haven’t…
↪ Make sure there’s a survey or someone is getting one
↪ Make sure the title is clear
Now, when you’re running your comps you want to pull:
⚡ Besides looking at ARV and Rents look for houses that are in similar As-Is conditions and see what they have SOLD for.
⚡ Now look at ACT, AO, BOM, and PCH in similar conditions and see what they’re being priced at.
⚡ What you’re trying to gauge is what is if they’re going up from SOLD to listed.
⚡ What is the DOM?
↪ If high then maybe not a good area or price point.
↪ If low, then it’s a HOT area and price point.
⚡ Can you beat their price?
↪ Does yours have anything better?
↪ Does it have anything worse?
⚡ Price for speed, not profit.
↪ These are not deals you want sitting on the market.
⚡ Should you do any level of work to a house you are wholetailing?
⚡ Depending on the house you may want to clean it out and make it more presentable for buyers.
↪ You want to make sure the person submitting the offer can, actually, close.
↪ This means POF, no “and or assigns”.
↪ You don’t want your time wasted by a wholesaler or someone that’s playing investor.
↪ Short Option Periods 7-10 days if hot market 5 days or less.
↪ $100/day or more depending on market
↪ Earnest Money of a good amount
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